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Liberty Hill ISD board approves TASB insurance package amid rising valuations
Summary
Trustees approved a TASB Risk Management Fund insurance plan for 2024–25, funding $899,657 from the general fund after administrators said the district's insured values rose to about $503 million and per-$100 valuation costs increased to $0.16.
The Liberty Hill Independent School District Board of Trustees on Aug. 19 approved joining the TASB Risk Management Fund for the district's property, automobile, cyber and general-liability coverage for the 2024–25 school year, trustees said.
Administrators told the board that insured values in 2023–24 were about $423,000,000 and had grown to roughly $503,000,000 after the addition of Tierra Rosa and Legacy Ranch Middle School. That growth, together with market-driven premium increases, raised the district's cost rate from about $0.13 per $100 of valuation to $0.16 per $100, an increase the administration characterized as roughly 27.7 percent. Administration said market bids they solicited came in higher (about $0.208 per $100 in some cases), and that TASB still produced the best overall cost and deductible profile.
"This was a very challenging endeavor with our insurance for this coming fiscal year," Mrs. Guerrero said, summarizing the procurement and noting the district consulted outside brokers and multiple market bids before recommending TASB.
Trustee Neighbors moved to approve the TASB Risk Management Fund coverage, with the administration's recommendation to set coverage limits, deductibles and contributions as presented. Trustee Kennedy seconded. The board approved the motion. The administration presented the insurance cost for the district as $899,657 to be funded from the general fund for 2024–25.
Why it matters: higher property values and new campus additions raised the district's exposure, and trustees were asked to balance coverage limits, per-event limits and cost. Administration noted TASB currently provides a $250 million per-event limit and discussed what a reduced per-event limit (about $150 million) might look like while still managing cost.
Votes at a glance: - TASB Risk Management Fund coverage for 2024–25: mover Trustee Neighbors; seconder Trustee Kennedy; outcome: approved; funding: $899,657 from general fund (amount presented by administration).
The board moved into closed session later in the meeting and returned to approve several other items on the agenda before adjourning at 8:18 p.m.
